Gas prices force 59% of Americans to cut spending

Even though gas prices have been on the decline, they’re still high enough to make 59 percent of Americans change their spending patterns, according to a recent survey by Bankrate.com.

By mid-April, gas prices reached $3.94 a gallon, a 19 percent increase since Jan. 2 when gas prices were $3.30 a gallon, according to the U.S. Energy Information Administration.

Such gas price hikes have resulted in Americans cutting back on nonessential spending like vacations and dining out since the beginning of the year, according to the article. Americans making less than $30,000 a year were hit the hardest, as 71 percent said they have cut back on spending due to gas costs. Only 43 percent of Americans making more than $75,000 a year said they cut down on their spending due to gas costs.

Unless consumers can ride the bus or drive less, they don’t have a way to cut back on gas costs in the short term, according to the article.